Estate planning is the process of planning the transfer of your assets to your heirs upon your death. Deciding how your wealth should be distributed among your loved ones isn’t easy. After all, estate planning is a complex process involving a series of decisions that affects the financial security of your family. In this blog, we explain the basics of estate planning. We will explore what it encompasses and how a Florida estate planning lawyer can help you make the best decisions.
Estate Planning: What You Need to Know
The estate planning process typically starts with a review of all your assets, including intellectual property. A will is then drafted that determines how your assets will be distributed once you are gone. The document typically contains the name of an personal representative. This is the person who will be in charge of executing your will after your death.
Another crucial aspect of estate planning is creating a living trust to pass your assets to your heirs. It entails naming a trustee, such as a family member or attorney, who will manage your assets after your death.
Creating a trust can result in tax savings if you have substantial wealth or property. You also appoint a power of attorney who has the legal power to handle your financial affairs, especially if you can’t take care of yourself due to a debilitating disease. Not only will the power of attorney look after your financial affairs but they will also make important decisions on your behalf.
Benefits of Hiring Florida Estate Planning Lawyer
Experienced estate planning lawyers have extensive knowledge about estate plans and trusts. As legal experts, they can provide you detailed insights into estate planning laws in your state. They also can educate you on tax implications regarding the transfer of your property.
An attorney who specializes in estate planning can help you develop a comprehensive plan to avoid or minimize estate taxes. They will work with you to ensure that your assets remain safe from your heir’s creditors after your demise.
An experienced Florida estate planning lawyer can help you to address a range of issues, including determining how your assets should be distributed, who should take over your business, who should look after the assets of your minor children, and more.
At Boyer Law Firm, our team of lawyers possess years of experience in Florida estate planning. Our legal experts are also well-versed in ancillary probate and estate planning with international tax implications. Our offices are located in Jacksonville, Orlando, and Miami, and New York City. For a full review of your estate planning needs, contact us by calling (407) 574-2573 or sending us a private message through our secure contact form. Appointments are available by telephone or video-conference for your safety and convenience.